Cuomo announces another round of ReCharge NY power allocations to seven NY enterprises

Submitted

Tue, Mar 10th 2015 03:10 pm

More than 4,000 jobs supported by latest power awards

Gov. Andrew M. Cuomo has
announced the New York Power Authority board of trustees approved another round
of low-cost power allocations under his statewide ReCharge NY program to
support more than 4,000 jobs.

The more than 3.3 megawatts
(MW) of low-cost power will be distributed among six business operations and
one not-for-profit organization and are expected to leverage nearly $21 million
in capital investments.

"This is the second round of
RNY power allocations in as many months and the first round of 2015," Cuomo
said. "The state is committed to this important initiative, providing
affordable power to enterprises that can utilize it to support the economy."

The power allocations under
the RNY program stem from legislation signed by Cuomo in 2011. The program,
administered by NYPA, is designed to spur economic development throughout the
state by providing low-cost power to businesses and other entities that agree
to create or retain jobs.

John R. Koelmel, NYPA
chairman, said, "ReCharge NY has been a cornerstone in NYPA's economic
development capabilities for years now, providing low-cost power to enterprises
across the entire state. The seven enterprises awarded power ... act as a
wonderful kickoff to the many more allocations to come in 2015."

Including these allocations,
the governor's program has provided more than 768 MW to more than 655 business
operations and 73 not-for-profit organizations over the past two-and-a-half
years. (One megawatt is enough power to meet the needs of 800 to 1,000 typical
homes.)

Gil C. Quiniones, NYPA president
and CEO, said, "The RNY program leverages inexpensive power to support hundreds
of thousands of jobs across New York and it will continue to do so for years to
come. The Power Authority is committed to this impactful program and will
continue to identify and support businesses and not-for-profit organizations
throughout the state that can benefit from it."

In addition to jobs and
capital investment commitments, other evaluation criteria for ReCharge NY
applications include the significance of the cost of electricity to the overall
cost of doing business, the applicant's risk of closure or curtailing
operations, the significance of the applicant's facility to the local economy,
and its commitment to energy efficiency.

RNY offers up to seven-year
power contracts. Half of the power under the program - 455 MW - is from NYPA's
Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants,
which provide some of the lowest-cost electricity in the state. The remaining
455 MW is economical power secured by NYPA from wholesale market sources.

"I am pleased that the New
York Power Authority has approved another round of ReCharge NY power
allocations," said Assemblywoman Amy Paulin, chairwoman of the New York State
Assembly committee on energy. "This round of allocations will leverage $21
million in capital investments and support 4,000 jobs, which is a great benefit
for New York state."